Nigeria sets rules for crypto tax remittance under new framework

Nigeria has broadened its crypto tax framework by introducing stamp duty on certain transactions involving cryptocurrencies, stablecoins, non-fungible tokens and other virtual assets, while also applying withholding taxes under newly released rules. The measures form part of the government’s wider effort to raise revenue, modernize public finances and bring newer sectors including e-commerce and digital assets more fully into the tax net. The latest step adds to Nigeria’s existing compliance push in the virtual-asset sector, where authorities have already sought to tie market participation more closely to formal tax registration and tax collection at the point of transaction. Under the new rules, crypto players may remit taxes in digital assets instead of the naira. Industry participants warned the structure could weigh on adoption in one of the world’s most active retail crypto markets, where digital assets are widely used for payments, savings and cross-border transfers despite years of regulatory uncertainty. Obinna Iwuno of Digital Assets Coalition said the approach could push activity away from regulated venues, turn exchanges into tax agents and impose an especially heavy burden on a highly mobile user base.